Attempting to sell thousands of Bitcoins on the open market is costing the US government some serious profits.
In March, the government sold 9,861 BTC worth about $216 million at the time.
Flash-forward to today, just seven months later, BTC is now worth $332 million – a difference of $116 million.
The US acquires Bitcoin largely through seizures related to criminal proceedings.
And by the end of this year, the government has pledged to sell the remaining 41,490 BTC seized from James Zhong, who pleaded guilty to fraud after being accused of manipulating transactions on the darknet marketplace Silk Road.
Despite this year’s turnover, the US still owns more than $5.5 billion worth of Bitcoin, according to recent on-chain analysis from researchers at 21.co. The huge pile of BTC represents almost 1% of the total circulating supply of BTC.
The company, which maintains crypto portfolios tied to the government, says this number is a “lower bound estimate” of the U.S. government’s assets, based on publicly available information.
The largest crypto asset by market capitalization has risen from $16,615 on January 1 to $33,575 at the time of publication, marking a 102% increase.
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Generated image: Midjourney